The post Weekly Crypto Recap After CPI Data appeared on BitcoinEthereumNews.com.

What a week it was for the entire cryptocurrency market. Let’s start and focus on Bitcoin. The primary cryptocurrency began the trading week with a massive price correction that pushed it south by several grand within a day. There were warning signs about a potential drop below $90,000, and that transpired later in the day. This marked BTC’s first decline to sub-$90,000 levels since November. However, bitcoin reacted well to this crash and bounced off by $7,000 within less than 24 hours. More volatility was expected mid-week when the US CPI numbers for December were scheduled to go live. Although the regular and Core CPI were around 3% YoY, BTC and the rest of the market started to gain value after the announcement. BTC neared $100,000 by the end of the day and surpassed that level on Thursday and Friday. In fact, it registered a multi-week peak of roughly $103,000 earlier today. As such, it managed to add nearly $14,000 since the Monday low in the span of less than a trading week. Many altcoins posted similar and even more impressive gains within the same timeframe. Ripple’s native token stole the show once again. It bottomed at $2.33 on Monday but went on a wild run within the next 72 hours that pushed it to $3.39 (on most exchanges). Thus, XRP came less than 1% away from breaking its 2018 all-time high of $3.4 (according to CoinGecko). As the graph below demonstrates, the weekly market picture is quite favorable, with numerous massive beneficiaries. Aside from XRP, the other double-digit gainers include DOGE, SOL, ADA, XLM, LINK, AVAX, SHIB, HBAR, and more. Market Data Weekly Market Overview. Source: Quantify Crypto Market Cap: $3.755T | 24H Vol: $185B | BTC Dominance: 54.1% BTC: $102,700 (+9.5%) | ETH: $3,415 (+4.75% ) | XRP:…

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Filed under: News - @ January 17, 2025 6:21 pm